Dodge & Cox

Q3 2013 13F

As of: Sep 30, 2013
Filed: Nov 13, 2013
US stock: $88.0B · prev $84.2B
Positions: 164 · prev 166
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves132 since the prior filing

+4.6 pp in · −4.7 pp out

New 4 +0.85 pp
Added 28 +3.79 pp
Trimmed 94 −2.19 pp
Exited 6 −2.51 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

NVS Novartis AG trimmed+0.12 pp trimmed+0.124.1%
SLB SLB Limited added+0.64 pp added+0.644.0%
unresolved Hewlett Packard Co trimmed−0.93 pp trimmed−0.933.9%
COF Capital One Financial trimmed+0.14 pp trimmed+0.143.7%
unresolved Glaxosmithkline PLC trimmed−0.19 pp trimmed−0.193.5%

Positions164 in this filing · 6 exited


NVSNovartis AG	4.08%	46,862,302	$3.6B	trimmed−1%	+0.12 pp	2 q
SLBSLB Limited	4.02%	40,100,394	$3.5B	added+1%	+0.64 pp	2 q
unresolvedHewlett Packard Co	3.87%	162,555,214	$3.4B	trimmed−0%	−0.93 pp	2 q
COFCapital One Financial	3.74%	47,844,267	$3.3B	trimmed−1%	+0.14 pp	2 q
unresolvedGlaxosmithkline PLC	3.49%	61,290,600	$3.1B	trimmed−1%	−0.19 pp	2 q
WFCWells Fargo & Co.	3.49%	74,262,403	$3.1B	added0%	−0.14 pp	2 q
MSFTMicrosoft Corp	3.27%	86,524,349	$2.9B	added+12%	+0.10 pp	2 q
CMCSAComcast Corp	3.16%	61,619,893	$2.8B	trimmed−1%	+0.06 pp	2 q
TWXTime Warner Inc	2.76%	36,947,912	$2.4B	trimmed−2%	+0.17 pp	2 q
MRKMerck & Co., Inc.	2.71%	50,137,596	$2.4B	trimmed−1%	−0.09 pp	2 q
SNYSanofi	2.53%	43,966,249	$2.2B	trimmed−0%	−0.17 pp	2 q
unresolvedGeneral Electric Co	2.44%	89,910,249	$2.1B	trimmed−3%	−0.11 pp	2 q
FDXFedEx Corporation	2.40%	18,549,478	$2.1B	added+8%	+0.38 pp	2 q
SCHWThe Charles Schwab Corporation	2.22%	92,635,017	$2.0B	trimmed−0%	−0.12 pp	2 q
PFEPfizer Inc.	2.20%	67,406,435	$1.9B	trimmed−1%	−0.07 pp	2 q
0VQJLTe Connectivity Ltd	2.10%	35,743,431	$1.9B	trimmed−0%	+0.16 pp	2 q
unresolvedTime Warner Cable Inc	2.08%	16,440,743	$1.8B	trimmed−1%	−0.14 pp	2 q
GSGoldman Sachs Group Inc.	2.03%	11,290,475	$1.8B	trimmed−1%	−0.02 pp	2 q
BACBank of America Corporation	2.02%	128,550,121	$1.8B	added+1%	+0.08 pp	2 q
BNYBank of New York Mellon Corporation	2.01%	58,667,454	$1.8B	trimmed−2%	+0.02 pp	2 q
unresolvedTwenty First Centy Fox Inc	1.84%	48,471,166	$1.6B	added+3%	+0.01 pp	2 q
SYMCGen Digital Inc.	1.79%	63,664,667	$1.6B	added0%	+0.09 pp	2 q
CVXChevron Corporation	1.60%	11,599,867	$1.4B	trimmed−4%	−0.11 pp	2 q
unresolvedBaker Hughes Inc.	1.35%	24,278,759	$1.2B	trimmed−2%	−0.01 pp	2 q
unresolvedGoogle Inc.	1.29%	1,295,260	$1.1B	trimmed−0%	−0.07 pp	2 q
unresolvedDow Chemical Co	1.26%	28,997,741	$1.1B	trimmed−2%	+0.13 pp	2 q
NOKNokia Corporation	1.26%	169,894,721	$1.1B	trimmed−3%	+0.48 pp	2 q
NTAPNetApp, Inc	1.22%	25,295,403	$1.1B	trimmed−1%	+0.07 pp	2 q
unresolvedThe Adt Corporation	1.21%	26,114,603	$1.1B	added+30%	+0.26 pp	2 q
9990302DApache Corp	1.20%	12,445,350	$1.1B	added+83%	+0.52 pp	2 q
WMTWalmart Inc.	1.19%	14,208,943	$1.1B	added+2%	−0.04 pp	2 q
unresolvedTyco International Ltd	1.15%	28,819,491	$1.0B	added+3%	+0.05 pp	2 q
ADBEAdobe Inc.	0.99%	16,845,904	$875M	trimmed−26%	−0.24 pp	2 q
CECelanese Corporation	0.97%	16,184,070	$854M	added+1%	+0.12 pp	2 q
GLWCorning Incorporated	0.97%	58,482,118	$853M	added+5%	+0.03 pp	2 q
unresolvedAegon NV	0.86%	102,797,028	$761M	trimmed−3%	+0.01 pp	2 q
BIDUBaidu, Inc.	0.85%	4,814,587	$747M	added+5%	+0.34 pp	2 q
SNPSSynopsys Inc	0.84%	19,655,294	$741M	trimmed−2%	−0.02 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.82%	10,939,428	$719M	trimmed−4%	−0.04 pp	2 q
METMetLife, Inc.	0.80%	15,056,267	$707M	trimmed−1%	−0.02 pp	2 q
unresolvedWeatherford Intl Ltd	0.80%	46,184,968	$708M	added+28%	+0.21 pp	2 q
BSXBoston Scientific Corp.	0.79%	59,157,107	$695M	trimmed−28%	−0.11 pp	2 q
EBAYeBay Inc	0.79%	12,487,070	$697M	added+8%	+0.08 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.79%	41,481,000	$694M	added+13%	+0.15 pp	2 q
DISHDISH Network Corp.	0.77%	15,006,659	$675M	added+30%	+0.19 pp	2 q
unresolvedMolex Inc	0.77%	17,754,019	$680M	trimmed−3%	+0.23 pp	2 q
JPMJPMorgan Chase & Co.	0.71%	12,080,719	$624M	added+5%	−0.01 pp	2 q
BBTTruist Financial Corporation	0.69%	18,022,348	$608M	trimmed−3%	−0.06 pp	2 q
TVGrupo Televisa S.A.	0.68%	21,303,692	$595M	added0%	+0.05 pp	2 q
unresolvedLiberty Interactive Corp	0.65%	24,206,528	$568M	trimmed−1%	−0.02 pp	2 q
unresolvedCoach Inc	0.64%	10,324,217	$563M	added+53%	+0.18 pp	2 q
unresolvedSunTrust Banks Inc	0.64%	17,276,479	$560M	trimmed−1%	−0.02 pp	2 q
unresolvedComputer Sciences Corp	0.62%	10,627,420	$550M	trimmed−2%	+0.06 pp	2 q
unresolvedMcGraw Hill	0.62%	8,257,382	$542M	trimmed−1%	+0.09 pp	2 q
PHGKoninklijke Philips N.v.	0.60%	16,257,444	$524M	trimmed−2%	+0.06 pp	2 q
HSBCHSBC Holdings PLC	0.59%	9,540,648	$518M	trimmed−0%	0.00 pp	2 q
unresolvedMedtronic Inc	0.58%	9,591,376	$511M	trimmed−3%	−0.02 pp	2 q
unresolvedVodafone Group PLC New	0.58%	14,487,178	$510M	trimmed−36%	−0.19 pp	2 q
unresolvedXerox Corp	0.58%	49,775,279	$512M	trimmed−56%	−0.63 pp	2 q
DOXAmdocs Limited	0.53%	12,768,480	$468M	trimmed−22%	−0.19 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.50%	6,200,700	$444M	added×5.7	+0.42 pp	2 q
unresolvedCigna Corporation	0.49%	5,629,670	$433M	added+2%	+0.02 pp	2 q
GNWGenworth Financial, Inc.	0.47%	32,373,141	$414M	trimmed−8%	−0.01 pp	2 q
unresolvedSprint Corporation	0.47%	66,353,287	$412M	new	+0.47 pp	new
VMCVulcan Materials Company(Holding Company)	0.46%	7,782,281	$403M	trimmed−1%	+0.01 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.45%	10,334,089	$399M	trimmed−0%	−0.05 pp	2 q
MXIMMaxim Integrated Products	0.44%	13,091,324	$390M	added+13%	+0.06 pp	2 q
KMXCarMax Inc.	0.43%	7,738,177	$375M	trimmed−2%	0.00 pp	2 q
unresolvedAOL Inc	0.38%	9,617,768	$333M	added+3%	−0.02 pp	2 q
LBTYKLiberty Global Ltd. Class C	0.31%	3,597,571	$271M	trimmed−0%	+0.02 pp	2 q
CDNSCadence Design Systems	0.30%	19,594,742	$265M	trimmed−1%	−0.04 pp	2 q
HMCHonda Motor Co., Ltd.	0.29%	6,764,800	$258M	trimmed−0%	−0.01 pp	2 q
LBTYALiberty Global Ltd. Class A	0.23%	2,497,905	$198M	held	—	2 q
NWSANews Corporation Class A	0.21%	11,681,529	$188M	new	+0.21 pp	new
unresolvedForest Labs Inc	0.17%	3,441,441	$147M	new	+0.17 pp	new
UFSDOMTAR CORPORATION (New)	0.14%	1,557,910	$124M	added+1%	+0.02 pp	2 q
unresolvedMolex Inc	0.12%	2,712,027	$104M	trimmed−4%	+0.02 pp	2 q
NVRNVR, Inc.	0.12%	118,015	$108M	added+1%	−0.01 pp	2 q
unresolvedCredit Suisse Group Spon ADR	0.03%	886,715	$27M	trimmed−1%	0.00 pp	2 q
ERICEricsson	0.03%	1,877,124	$25M	added+13%	+0.01 pp	2 q
HDHome Depot, Inc.	0.03%	343,014	$26M	trimmed−10%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.03%	134,351	$25M	trimmed−1%	0.00 pp	2 q
OXYOccidental Petroleum Corporation	0.03%	312,341	$29M	trimmed−16%	−0.01 pp	2 q
TRVThe Travelers Companies, Inc.	0.03%	286,125	$24M	trimmed−3%	0.00 pp	2 q
UNPUnion Pacific Corp.	0.03%	181,260	$28M	trimmed−1%	0.00 pp	2 q
AXPAmerican Express Company	0.02%	225,530	$17M	trimmed−1%	0.00 pp	2 q
AMGNAmgen Inc	0.02%	160,052	$18M	trimmed−39%	−0.01 pp	2 q
DEODiageo plc	0.02%	157,567	$20M	trimmed−5%	0.00 pp	2 q
XOMExxon Mobil Corp	0.02%	173,233	$15M	trimmed−2%	0.00 pp	2 q
PGProcter & Gamble Company	0.02%	177,820	$13M	trimmed−1%	0.00 pp	2 q
CATCaterpillar Inc.	0.01%	73,035	$6M	trimmed−1%	0.00 pp	2 q
unresolvedChubb	0.01%	141,279	$13M	trimmed−1%	0.00 pp	2 q
unresolvedCompuware Corp	0.01%	982,730	$11M	trimmed−96%	−0.27 pp	2 q
DISThe Walt Disney Company	0.01%	84,565	$5M	trimmed−1%	0.00 pp	2 q
MCDMcDonald's Corporation	0.01%	65,878	$6M	trimmed−1%	0.00 pp	2 q
MSIMotorola Solutions, Inc. New	0.01%	79,838	$5M	held	—	2 q
TGTTarget Corporation	0.01%	197,836	$13M	trimmed−2%	−0.01 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.01%	99,402	$9M	trimmed−1%	0.00 pp	2 q
USBU.S. Bancorp	0.01%	292,184	$11M	trimmed−3%	0.00 pp	2 q
unresolvedCovidien PLC	0.01%	111,317	$7M	trimmed−1%	0.00 pp	2 q
TAT&T Inc.	0.00%	15,192	$514,000	trimmed−1%	0.00 pp	2 q
ABTAbbott Laboratories	0.00%	36,930	$1M	trimmed−1%	0.00 pp	2 q
ABBVAbbvie Inc.	0.00%	37,165	$2M	trimmed−0%	0.00 pp	2 q
unresolvedAetna Inc New	0.00%	6,000	$384,000	held	—	2 q
APDAir Products & Chemicals, Inc.	0.00%	10,950	$1M	held	—	2 q
unresolvedAllergan Inc	0.00%	3,564	$322,000	held	—	2 q
ALLThe Allstate Corporation	0.00%	4,724	$239,000	trimmed−11%	0.00 pp	2 q
MOAltria Group, Inc.	0.00%	24,800	$852,000	held	—	2 q
AMPAmeriprise Financial, Inc.	0.00%	4,182	$381,000	held	—	2 q
APCAnadarko Petroleum Corp	0.00%	10,964	$1M	held	—	2 q
AAPLApple Inc.	0.00%	2,018	$962,000	held	—	2 q
BAXBaxter International Inc.	0.00%	3,382	$222,000	trimmed−6%	0.00 pp	2 q
BDXBecton, Dickinson and Co.	0.00%	17,480	$2M	trimmed−15%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.00%	5	$852,000	held	—	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	17,450	$2M	trimmed−1%	0.00 pp	2 q
BMYBristol-Myers Squibb Co.	0.00%	80,121	$4M	held	—	2 q
CXCemex S.A.B. de C.V.	0.00%	79,742	$892,000	trimmed−1%	0.00 pp	2 q
CTXSCitrix Systems Inc	0.00%	9,976	$704,000	trimmed−8%	0.00 pp	2 q
KOCoca-Cola Company	0.00%	35,442	$1M	held	—	2 q
CLColgate-Palmolive Company	0.00%	14,000	$830,000	held	—	2 q
unresolvedComcast Corp. Spl Cl A	0.00%	76,961	$3M	trimmed−15%	0.00 pp	2 q
COPConocoPhillips	0.00%	45,438	$3M	trimmed−2%	0.00 pp	2 q
DEDeere & Company	0.00%	30,694	$2M	trimmed−2%	0.00 pp	2 q
DDominion Energy, Inc	0.00%	6,690	$418,000	held	—	2 q
unresolvedDu Pont E I De Nemours & Co	0.00%	46,023	$3M	held	—	2 q
DUKDuke Energy Corporation	0.00%	25,414	$2M	trimmed−4%	0.00 pp	2 q
unresolvedDun & Bradstreet Corp/The	0.00%	5,425	$563,000	held	—	2 q
FLRFluor Corporation	0.00%	8,505	$604,000	trimmed−6%	0.00 pp	2 q
GISGeneral Mills, Inc.	0.00%	11,200	$537,000	held	—	2 q
GPCGenuine Parts Company	0.00%	34,762	$3M	trimmed−2%	0.00 pp	2 q
HALHalliburton Company	0.00%	9,500	$457,000	held	—	2 q
HESHess Corporation	0.00%	6,812	$527,000	held	—	2 q
HONHoneywell International, Inc.	0.00%	17,398	$1M	held	—	2 q
JNJJohnson & Johnson	0.00%	38,725	$3M	held	—	2 q
KMBKimberly-Clark Corp.	0.00%	4,083	$385,000	held	—	2 q
unresolvedKraft Foods Group Inc	0.00%	3,946	$207,000	held	—	2 q
LMLegg Mason, Inc.	0.00%	26,000	$869,000	trimmed−12%	0.00 pp	2 q
LLYEli Lilly & Co.	0.00%	35,760	$2M	trimmed−1%	0.00 pp	2 q
LLoews Corporation	0.00%	15,100	$706,000	trimmed−14%	0.00 pp	2 q
MMacy's Inc.	0.00%	17,772	$769,000	held	—	2 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$372,000	held	—	2 q
MCOMoody's Corporation	0.00%	4,300	$302,000	held	—	2 q
NEENextEra Energy, Inc.	0.00%	14,199	$1M	held	—	2 q
NSCNorfolk Southern Corp.	0.00%	7,297	$564,000	trimmed−1%	0.00 pp	2 q
NUENucor Corporation	0.00%	72,400	$4M	held	—	2 q
PCGPG&E Corporation	0.00%	6,382	$261,000	held	—	2 q
PNCPNC Financial Services Group	0.00%	30,200	$2M	held	—	2 q
PPGPPG Industries, Inc.	0.00%	9,000	$2M	held	—	2 q
PHParker-Hannifin Corporation	0.00%	4,960	$539,000	held	—	2 q
PEPPepsiCo, Inc.	0.00%	6,345	$504,000	trimmed−10%	0.00 pp	2 q
PMPhilip Morris International Inc.	0.00%	21,300	$2M	held	—	2 q
PSXPhillips 66	0.00%	5,100	$295,000	held	—	2 q
PBIPitney Bowes Inc.	0.00%	165,100	$3M	trimmed−93%	−0.04 pp	2 q
RIORio Tinto plc	0.00%	26,912	$1M	trimmed−1%	0.00 pp	2 q
unresolvedSigma Aldrich Corp	0.00%	21,000	$2M	trimmed−5%	0.00 pp	2 q
STTState Street Corporation	0.00%	11,600	$763,000	held	—	2 q
MMM3M Company	0.00%	31,788	$4M	trimmed−2%	0.00 pp	2 q
UNUnilever N V -ny Shares	0.00%	89,017	$3M	trimmed−0%	0.00 pp	2 q
UTXZRTX Corporation	0.00%	1,892	$204,000	new	0.00 pp	new
VFCV.F. Corporation	0.00%	2,265	$451,000	held	—	2 q
VZVerizon Communications	0.00%	6,200	$289,000	held	—	2 q
unresolvedWalgreen Co	0.00%	6,069	$327,000	trimmed−6%	0.00 pp	2 q
unresolvedWellpoint Inc	0.00%	3,000	$251,000	held	—	2 q
ETNEaton Corporation, plc	0.00%	14,550	$1M	trimmed−41%	0.00 pp	2 q
unresolvedSprint Nextel Corp	—	−250,422,274	—	exited	−2.09 pp	—
PCRFYPanasonic Corp-spon ADR	—	−42,934,518	—	exited	−0.41 pp	—
unresolvedBmc Software Inc	—	−261,667	—	exited	−0.01 pp	—
ADPAutomatic Data Processing	—	−2,920	—	exited	0.00 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−11,900	—	exited	0.00 pp	—
SONYSony Group Corporation	—	−25,765	—	exited	0.00 pp	—